Indiva Ltd. received approval from the TSX Venture Exchange to form a join venture with privately held Bhang Chocolate Co. Inc.
The joint venture, which will be managed by Ottawa-based Indiva, will manufacture and sell Bhang products in Canada, as well as export them. The products include cannabis chocolate bars, vapes, gums and mouth sprays.
Additionally, the Toronto-listed Indiva will invest US$5 million in the JV, while the California-based cannabis chocolate maker will contribute its know-how and intellectual property. The companies will split ownership of the JV on a 50/50 basis, equally contribute to its working capital and collaborate on sales and marketing.